HMV.com isn't even working for me now :o

 

It's fine for me, thank god!

 

-x-

 

This was inevitable but boy it'll be sad if it goes. :(

it's a real shame since it was the first place i'd go to whenever i travel to the UK, also millions of tourists,including me, entering the Uk each year, will not be able to buy the latest Uk releases anymore... such sad news... however i think the Uk government should help save the entertainment giant by reducing taxes and costs since the entertainment industry is a key income for the UK economy....

Edited January 14, 201312 yr by Big Mistake

Ah love a bit of HMV! It's where I go if i really love an artist to buy their new album on the day it's out. End of an era!

Am I the only one who thinks it's possible they'll find a buyer? Seeing as there will be no competition from other music retailers, imo it's clearly salvageable if someone actually can come up with a plan -- I mean, CD album sales are still strong (relatively), it's just people get them from supermarkets instead these days. But if someone can buy it who can actually come up with a good long-term plan, there's potential imo, it's just HMV the last few years hasn't had the money (and/or creative thinking) to stop this death spiral.

 

If there isn't a buyer, will be a very sad day for the music industry.

1921 meets 2013:

http://img11.imageshack.us/img11/6402/hmvmashup.jpg

Am I the only one who thinks it's possible they'll find a buyer? Seeing as there will be no competition from other music retailers, imo it's clearly salvageable if someone actually can come up with a plan -- I mean, CD album sales are still strong (relatively), it's just people get them from supermarkets instead these days. But if someone can buy it who can actually come up with a good long-term plan, there's potential imo, it's just HMV the last few years hasn't had the money (and/or creative thinking) to stop this death spiral.

 

If there isn't a buyer, will be a very sad day for the music industry.

 

 

There are very very few stores that trade profitably within the company so i could see a buyer coming forward but only wanting a small % of the retail stores.

Confirmed: HMV goes bust

 

by Tim Ingham

 

The HMV Group has confirmed that its shares are being suspended from the London Stock Exchange with immediate effect as it files for administration.

 

Once it enters administration, the company will continue to trade, it said tonight.

 

Reports began circulating earlier this evening that the administration of the company would be confirmed tomorrow morning.

 

HMV is reported to have asked suppliers for an extra £300m in funding last week to help it pay off debt with its banks, a request which was ultimately refused.

 

The firm's underlying net debt grew to £176.1m (2011: £163.7m) in the six months to the end of October 2012.

 

The chain employs around 4,000 workers and has 230 stores around the UK.

 

A company statement sent to Music Week minutes ago can be read below:

 

On 13 December 2012, [HMV] announced that as a result of current market trading conditions, the Company faced material uncertainties and that it was probable that the Group would not comply with its banking covenants at the end of January 2013. The Company also stated that it was in discussions with its banks.

 

Since that date, the Company has continued the discussions with its banks and other key stakeholders to remedy the imminent covenant breach. However, the Board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances therefore intends to file notice to appoint administrators to the Company and certain of its subsidiaries with immediate effect.

 

The Directors of the Company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.

 

It is proposed that Nick Edwards, Neville Kahn and Rob Harding, partners of Deloitte LLP, will be appointed as the administrators of the Company and certain of its subsidiaries.

 

The Company's ordinary shares will be suspended from trading on the London Stock Exchange with immediate effect.

 

from musicweek.com

There are very very few stores that trade profitably within the company so i could see a buyer coming forward but only wanting a small % of the retail stores.

 

Oh yeah, if there is a buyer they'd probably close most of the ones other than in major city centres. But still, better than nothing.

Time to cash those pure points in ASAP.

All a bit deja vu for me! 4 years ago tomorrow hmv bought my zavvi store out of administration. We shall fight all the way!

This is going to hurt album sales, a lot, in a time they're already diabolical.

:( I have fond memories browsing in HMV to see what I would buy on Amazon.

:( I have fond memories browsing in HMV to see what I would buy on Amazon.

:lol: That sums up their problem in one short sentence.

This is going to hurt album sales, a lot, in a time they're already diabolical.

 

It may, but then again people may just adapt with the times and start to download. It can only be a positive thing for iTunes, Amazon, Play etc. People will still want music at the end of the day. Also they may be pleasantly surprised if they haven't downloaded music online before that it's actually a fair bit cheaper.

Time to cash those pure points in ASAP.

 

Too late - They will have been suspended by the morning.

I'll be interested to see how the album sales will fare this week, it probably hit the back catalogues the most.

HMV have 38% market share of the physical album market - Woolworths had similar market share of CD singles when they went bust.

 

New acts and 'niche' but big selling artists such as Andre Rieu, Eva Cassidy etc, will suffer the most - I live in London and work at HMV and if my store goes the only place locally to buy CDs is Tesco which stock a Top 8 album chart :mellow:

Too late - They will have been suspended by the morning.

 

Does that apply to giftcards as well? I was literally handed one a minute before the reports surfaced earlier on. :lol: :(

Too late - They will have been suspended by the morning.

I have the £20 credit sitting on the card, I might be ok with it tomorrow as it looks like they are doing the very smart trick of hiding in insolvency proceedings so they can trade and sort shit out and then emerge as a going concern with little/no debt fewer stores and a healthier credit structure.

Does that apply to giftcards as well? I was literally handed one a minute before the reports surfaced earlier on. :lol: :(

 

Im guessing so - Companies such as Peacocks, Jessops, Woolworths, Comet etc, suspended gift cards as soon as they went into administration - I dread to think the amount of unspent gift cards out there, The store i work at literally sold £1,000s of pounds worth in the run up to Christmas.